State Budget Officials Revise Forecast Ahead Of 2018 Fiscal Session

January 04, 2018CrainMedia

Robust holiday sales receipts bolstered tax collections in December after Arkansas budget officials revised the state’s official general revenue forecast heading into the upcoming fiscal session that begins in early February.

In December, Arkansas net available general revenues jumped 11.5%, or by $53.7 million above year-ago levels to $521.1 million, which is also $23.7 million or 4.8% above the revised forecast. That left year-to-date available general revenues through the first six months of fiscal 2018 at $2.69 billion, or $74.5 million and 2.8% above year ago levels.

Just a month ago, Arkansas Department of Finance & Administration (DFA) Director Larry Walther advised the state Legislative Council (ALC) that net available revenues for fiscal year 2017, which ended on July 31, now total only $5.34 million, a decrease of $19 million or 0.4%. MORE